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The market is estimated to expand at a 4.9% CAGR from 2016 to 2024. If the number holds true, the market, which valued at US$296.5 mn in 2015, is expected to rise to US$ 463.0 mn by 2024.

Albany, NY -- (SBWIRE) -- 11/30/2016 -- Similar to thermal wheels, desiccant wheels are used solely for dehumidifying purposes. They can do so using specialized coatings that allow them to absorb moisture quicker. The rotation of a desiccant wheel allows air to pass through it. Each segment of desiccant in the wheel absorbs the moisture which is expelled via a special regenerative area in the wheel. This allows the wheels to act rapidly in terms of reducing the humidity in a closed environment, a favorable condition for the manufacture of several moisture sensitive products in various industries.

The report on the global desiccant wheel market is a collection of data generated through a dedicated effort to foresee its future. The report shows how values and statistics from the recent past and the current market scenario are used to create a logical and feasible scenario for the market till 2024. This can be done through the formative analytical methodologies such as Porter's Five Force analysis and a player-based SWOT analysis of the global desiccant wheel market's competitive landscape.

Global Desiccant Wheel Market: Trends and Opportunities:

The primary driver attributed to the growth of the global desiccant wheel market is the fast growth rate in infrastructure shown by a large number of industry verticals around the world. Players in the industries of pharmaceuticals, chemicals, and food and beverages are especially showing a massive upswing in their demand for desiccant wheels. Furthermore, desiccant wheels have proven to be far more effective in regulating humidity levels than dehumidifiers based on compressor technology, as the former can soak up atmospheric moisture in much shorter time spans.

Silica gel desiccant wheels have been the leading type to be used by a large number of the end users for the global desiccant wheel market. In 2015, this segment took up close to 68% of the global desiccant wheel market in terms of revenue, signifying its massive preference rate over the other types. Silica gel wheels are extremely popular for their superior abilities in moisture absorption, non-flammable nature, and longer life-span than other wheel types. Additionally, silica gel desiccant wheels are also considered safe to be used in food and beverage manufacturing environments by several top regulatory authorities, making it a staple for many companies from this industry.

Pharma companies and chemicals manufacturers make large scale use of desiccant wheels to maintain humidity levels within the manufacturing plant to create the optimum environment. This applies especially to tablet manufacturers as tablet surfaces are meant to be extremely hygroscopic.

Global Desiccant Wheel Market: Region-wise Outlook:

By 2024, the global desiccant wheel market is expected to be led by North America. This region has been the dominant one over the recent past and will continue to lead the market in terms of demand due to an early and high rate of adoption of desiccant wheels in a large part of the region's pharmaceutical industry.

Asia Pacific, on the other hand, is showing an optimistic CAGR of 6.2% from 2015 to 2024 in the global desiccant wheel market. A majority of this demand has risen from the growing demand for heating, ventilation, and air-conditioning. The urban and industrial infrastructure in emerging economies from Asia Pacific is expanding at a rapid rate, allowing the manufacturers of desiccant wheels to offer a greater range of products and a higher rate of market penetration. The Asia Pacific market for desiccant wheels will also improve further once both global and regional players enter the mix and enhance the competitive scenario, leading to favorable price drops.

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